How E-waste Management Market Became a Highly Profitable Industry 2020: Revenue Analysis and Growth Opportunity
Pune, Maharashtra, India, August 25 2020 (Wiredrelease) Allied Analytics : Reduction in life span of electronic devices and scarcity of sources of precious metals drive the growth of the global e-waste management market. However, rise in recycling cost incurred due to dearth of infrastructure and e-waste initiatives by electronic manufacturers across the globe is expected to negatively impact the market growth. On the contrary, rise in cloud-based services and increase in number of internet service users, regulatory policies, and online financial transactions are expected to create lucrative opportunities for the market players in the coming years.
Government initiatives in terms of forming regulations and creating awareness would improve the situation leading to increased e-waste recycling activities. Government incentives for recycling of e-waste would stimulate the recycling programs that would ultimately improve the recycling rate
The global e-waste management market was pegged at $41.97 billion in 2019, and is anticipated to reach $102.62 billion by 2027, growing at a CAGR of 11.9% from 2020 to 2027.
The consumer electronics segment is anticipated to portray the fastest CAGR of 14.6% during the forecast period, owing to improving life style and rising disposable income, which increased the sale of necessary consumer electronic devices. However, the household appliances segment held the largest share in 2019, contributing to nearly half of the global e-waste management market, as household appliances contribute to the major part of the overall e-waste and has generated need to formulate effective policies to manage tremendous volume of e-waste.
By type, the metal segment held the largest share in 2019, accounting for more than half of the global e-waste management market, due to increase in electronic scrap as a result of change in electronics sector and gained traction of recycling of these materials. However, the plastic segment is expected to register the highest CAGR of 13.3% during the study period. This is owing to rise in development of e-waste management initiatives in developing regions.
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The global e-waste management market across LAMEA, followed by North America, is expected to register the highest CAGR of 16.3% during the study period, owing to rapid rise in adoption of electronic equipment that are creating a favorable environment for e-waste processing companies. However, the market across Asia-Pacific dominated in 2019, accounting for more than two-fifths of the market, due to increase in per capita income across many countries of the region and frequent switching to upgraded versions of the electronic products.
Some of the key market players profiled in the E-waste management market analysis include Aurubis AG, Boliden AB, Enviro-Hub Holdings Limited, Electronic Recyclers International Inc., LifeSpan Technology Recycling Inc., MBA Polymers Inc., SIMS Metal Management Limited, Stena Metall AB, Tetronics Limited, and Umicore SA. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. Further, these players are anticipated to invest more in RD activities to provide compact and cost-effective solutions for numerous applications.
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Developing countries lead in recycling the e-waste, as majority of the e-waste is exported to emerging countries by the developed countries. Amongst all sources of e-waste such as IT telecommunication and consumer electronics, refrigerator sets from household appliances are discarded in highest number as compared to other appliances. The decrease in the life cycle of electronic products, such as computers, laptops, and cell phones generates large amount of electronic waste in the developed countries such as North America.
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